Reduce Loan Drop out
Reduce Loan Drop Out
40% of consumers abandon onboarding processes when opening a new banking relationship. CyborgIntell can improve customer acquisition and reduce cost. With iTuring, preventing abandonment during the onboarding process becomes simple. iTuring understands why customers have dropped off during onboarding historically and provides accurate predictions on which prospects are likely to abandon the onboarding process.
Not only does iTuring accurately predict which customers are most likely to abandon, it also identifies the individual reasons for why each customer is likely to do so during onboarding in real time. This allows you to understand the factors and adjust business processes and provide personalised offers to ensure they sign up.
For the Education Lending Company, CyborgIntell used iTuring to build a “Non-Take Up Model” and identified both customers at risk and the drivers of abandonment. The lending company used the outputs of the model to formulate personalized offers in real time to ensure the customers complete the onboarding process. They also made changes to their product and policy programs to ensure higher onboarding rates and lower acquisition costs.
Not only does iTuring provide highly accurate predictions of which customers are likely to abandon, it also provides explanations for why each customer is likely to drop out. This allows business users to better understand their clients churn behaviour and implement actionable and impactful acquisition strategies.